Most internet websites such as banking websites, social networking websites, and online shopping websites require users to provide login credentials such as username and password in to order access their features. As the amount of internet activity is tremendously high in today's world, generally users have more than one account on different internet websites and therefore have to maintain several number of different login credentials for each of those internet websites accounts. To simplify this problem, some people will create accounts on different Internet websites with the same username and password, often resulting in a security vulnerability. On the other hand, some users tend to create different passwords for different internet websites. The creation of different passwords for different internet websites accounts becomes problematic, as users need to remember several passwords associated with their several internet websites accounts. It is also generally recommended by cyber security professionals for security of the internet websites accounts that the passwords for at least the internet websites accounts that has confidential and sensitive data such as bank accounts to be changed frequently. Users seldom change the passwords of their internet websites accounts frequently, and some of the users who may change the passwords of their internet websites accounts frequently find it extremely difficult to remember their so many passwords.
Conventional password managers are now used by several users to manage their multiple passwords for multiple internet websites accounts. Conventional password managers store passwords of the users multiple internet websites accounts. This allows the users to easily recall their passwords using their password managers when they go to the internet websites that require password access. The conventional password managers are generally software based, and require the user to create and change the passwords of their internet websites accounts locally on their computing device, and then update the password manager database with the updated passwords. The conventional password managers act as a single storage point for the user's multiple passwords. Therefore, at any given point of time the user retains the knowledge of their passwords even after employing the password manager since the users themselves generate their passwords and use the password managers as a storage facility for the passwords. The creation of multiple passwords for multiple accounts may be burdensome for the users, and, in addition, when several websites require the user to change the password every couple of weeks or months, it becomes an even bigger burden for users. Some password managers may also involve setting up a single password for multiple internet websites of the user. This approach is quite vulnerable to data breaches because if the password of one of the internet website account is leaked then it may lead to unauthorized access to the other internet websites where the user has accounts as well.
The other drawbacks of the conventional software based password managers is that that they are generally vulnerable to so-called Trojan key malware attacks, whereas portable password managers can operationally fail which may cause loss of access to the passwords. Moreover, even after using any of these conventionally available password managers, the users still have to stay updated with news of data breaches, as these password managers are susceptible to data breaches. These data breaches can cause the user to have to manually go and change the login credentials for all accounts stored in the password manager. In addition, the regular updating/changing of the passwords is still required to be done by the users and then the new passwords have to be updated in these password manager databases. This is often a time-intensive process that frustrates the users.
Therefore, there is a need in the art for methods and systems that addresses the above-mentioned drawbacks of the conventional password managers and thereby able to efficiently manage and update passwords.